JP Morgan backs property lender Glenhawk with £200m facility
JP Morgan has agreed a £200 facility with challenger lender Glenhawk to grow its property loan size and enter the UK homeowner mortgage market.
The new senior funding line will support Glenhawk’s ability to grow its maximum property bridging loan size from £3m to £5m to fund a mixture of residential and commercial borrowers.
The new capital will allow Glenhawk to enter the UK homeowner mortgage market with its first regulated bridging product planned for the first half of this year.
Glenhawk, which is backed by Rightmove founder Harry Hill, was launched by Guy Harrington in January 2018.
Harrington said: “This is a significant milestone for us, a little over two years since we started out. J.P. Morgan is one of the world’s most prestigious financial institutions, and we are extremely excited by this opportunity, whilst also a little humbled.
“The new funds allow us to enhance our existing product range, whilst providing us with the platform to expand into markets where there is an opportunity for us to replicate our success to date, as we look to continue pushing the boundaries with what is possible in the non-bank lending space.”
Rob Tanna-Smith, executive director at J.P. Morgan, added: “Guy and Glenhawk marry institutional style lending practices, governance, and infrastructure with a customer-centric approach.
“The quality of Glenhawk’s existing loan book and Guy’s vision to broaden the product offering give us huge encouragement that this will be a successful partnership.”